Aimco Acquires Oceanfront M-F Complex in La Jolla for $29M

Prospect 400 offers a total of 60 residential units including 29 one-bedroom apartments, 24 two-bedroom units and seven studios. The property also features a number of 10 resident garages, while the community’s amenity package offers residents access to a heated pool, a common ocean view sundeck, hydro-therapy spa and a resident lounge equipped with a full kitchen, media niche, billiards table and restrooms. Located on a .65-acre site in San Diego’s La Jolla neighborhood, the residential complex is the result of a redevelopment process that transformed Kellogg’s summer home back in 1970. Since then, the apartments have been owned continuously, and a series of renovations to the building’s exterior have been undertaken as recently as 2010.

In a $29 million deal, Aimco has acquired Prospect 400, a 60-unit oceanfront property in La Jolla. The Denver-based apartment REIT was identified as the property’s new owner by CoStar.

Jim Neill, Eric Comer and Merrick Matricardi of CBRE Group Inc.’s San Diego office arranged the transaction on behalf of the Carolyn M. Holmer Irrevocable Trust, the property’s seller. Prospect 400 was developed in 1970 on a parcel where the newspaper publisher and philanthropist F.W. Kellogg once owned a summer home. The complex was most recently renovated in 2010.

Prospect 400 offers 60 units, including 29 one-bedroom apartments, 24 two-bedroom units and seven studios. The property also features 10 resident garages, while the community’s amenity package offers access to a heated pool, an ocean-view sundeck, a hydrotherapy spa and a lounge equipped with a full kitchen, media niche, billiards table and restrooms.

The building traded at around $483,000 per unit, pricing considerably higher than San Diego’s median values for 2012, as estimated by Marcus & Millichap Real Estate Investment Services Inc. Price increases in the area have been sluggish during the past four years.